Traditional password uses a secret value that *you* have to remember.
while Passkey uses your face or fingerprint, to unlock the secret value that is remembered by a *device*.
And we can be assured that the secret value remembered by the device is much more secure than what you can remember. In addition, it is easier for you to use that secret value. Another bonus: if there are more secure way to unlock the secret value, like retina scan or blood vein verification, only user device needs to be changed.
*the above is actually FIDO2, passkey is when the secret value can travel across devices, like iCloud.
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